SAN, BBVA and IBEX update

Please refer to the earlier blog of July 25th, 2012 and earlier entries for Santander etc. In it we warmly recommended the purchase of all three, SAN , and IBEX. Here is the IBEX for starters;

$ibex sept 2012

On that very day the IBEX actually traded just below the 6000 mark. Today it is at about 7500, up no less than 25%. Similar gains were had on SAN and BBVA (not shown). Even if the IBEX is not directly tradable the EWP could have been used, shown below;

ewp sept 2012

The gain here is about $6 on $20. We would sell all now in line with the adage, buy on rumour, sell on fact. In all cases either a wedge  or a simple 5 wave sequence for the last major leg can be counted. Also all seem to have completed, or nearly so, a minor 5 wave move from the lows. This could be an initial start to even higher levels but could also be a c wave ending an a-b-c rebound.